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Kerry Group PLC - Tralee, Ireland-based food ingredients maker - Buys Shanghai Greatang Orchard Food Co Ltd for an initial ¥720 million, about €91 million, with additional payments based on performance of up to ¥780 million. The Shanghai-based company has 120 employees and is expected to have ¥300 million, about €38 million, in revenue in 2023. It produces ‘taste solutions’ for local foodservice chains and the meals and snacks markets in China. Kerry said the acquisition complements its own ‘authentic taste position’ in China, particularly in the ‘significant foodservice hotpot market’.
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